Global Wearable Devices in the Sports Market Outlook 2031:
The global wearable devices in the Sports Market size was valued at USD 83.98 Billion in 2022 and is projected to reach USD 120.39 Billion by 2031, expanding at a CAGR of 4.18% during the forecast period 2023 - 2031. Wearable devices in the sports include a range of products that an individual wears especially a sportsperson to monitor his/her physicality.
Wearable gadgets use several technology such as Bluetooth, Internet of Things (IoT), and Wi-Fi to connect the devices to other smart electronic devices such as smartphones or laptops that offer information on an individual's overall health conditions and performance of some physical activities.
Wearable gadgets in sports are just a collection of diverse goods that are intended to aid users’ performance through using the devices during the training. Wearable devices are being created to aid athletes through the use of technology as they are ease to use in monitoring fitness.
Wearable Devices in the Sports Market Trends, Drivers, Restraints, and Opportunities:
- Growing awareness regarding the benefits of these gadgets among leisure fitness consumers and professional athletes are key factors boosting the wearable devices in the Sports market.
- Availability of different smart wearable that allow to monitor the overall performance of athletes during the training or physical exercise are some driving factors of the market.
- Rising demand for easy and instant operational of multimedia devices due to the wide access to the Internet among teenagers along with technological advancements in wearable devices are projected to drive the wearable devices in the Sports market growth in the coming years.
- High initial costs, issues concerning about data privacy of users, and short battery life of devices are major challenges. These factors are projected to hamper the wearable devices in the Sports market expansion during the forecast period.
- Increasing smartphone adoption, changing lifestyles, and growing disposable income of a large number of the global population present vital growth opportunities for the wearable devices in the Sports market.
Scope of the Wearable Devices in the Sports Market report:
The report on the global wearable devices in the sports market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
Wearable Devices in the Sports Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Product Types (Fitness & Heart Rate Monitors, Pedometer, Smart Camera, Smart Watch, Short Tracker, and Others), Applications (Calorie Burnt, Heart Rate Monitoring, Step Counts, Sleep Tracking, and Others), End-users (Homecare Settings, Individuals, Fitness Centres, Sports Centres, and Others), Distribution Channels (Brand Stores, Hypermarkets/Supermarkets, Independent Retail Stores, and Online Sale Channels)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Adidas AG; Catapult Sports Pty Ltd.; Under Armour Inc.; Nike Inc.; Apple Inc.; Fitbit Inc.; Zepp US Inc.; Garmin Ltd.; Misfit; and StretchSense Ltd.
Wearable Devices in Sports Market Segment Insights:
Pedometer segment is projected to hold significant market share
Based on product types, the wearable devices in the sports market share is fragmented into fitness & heart rate monitors, pedometer, smart camera, smart watch, short tracker, and others. The pedometer segment is projected to hold significant market share owing to the growing number of health-conscious consumers combined with expanding knowledge about physical fitness.
Pedometers can record all physical activity such as jogging, stair climbing, running, and walking. The device's instantaneous results enable the users to set goals every day to attain desired fitness goals, resulting in increasing demand for pedometer devices significantly over the years.
Step counts segment is anticipated to account for substantial share
On the basis of applications, the global wearable devices in the Sports market share is segmented into calorie burnt, heart rate monitoring, step counts, sleep tracking, and others. The step counts segment is expected to account for substantial market share in the coming years due to the rising number of health-conscious consumers, increasing healthcare expenditure, as well as a growing understanding of the need for walking every day.
Sports centres segment to register a robust pace during the forecast period
In terms of end-users, the global wearable devices in the sports market is segregated into homecare settings, individuals, fitness centres, sports centres, and others. The sports centres segment is anticipated to register a robust growth pace during the forecast period.
Manufacturers have launched a number of R&D initiatives to increase the quality of sporting wearable devices, which is expected to provide considerable boost to the segment growth.
Online sale channel segment to expand at substantial growth
Based on distribution channel, the global wearable devices in the Sports market is divided into brand stores, hypermarkets/supermarkets, independent retail stores, and online sale channels. The online sale channel segment is projected to expand at substantial growth in the coming years due to the increased popularity of online shopping behaviour.
Moreover, increasing availability of the number of different types of wearable devices along with heavy discount offers of the products present major drivers for propelling online retailers. The expanding number of e-commerce enterprises will have a beneficial impact on the e-commerce segment growth.
North America is expected to dominate the market
In terms of regions, the global wearable devices in the sports market is categorized as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America is expected to dominate the market due to the high occurrence of chronic illnesses such as diabetes and obesity in the region as well as the widespread usage of advanced medical wearable devices to check their health conditions.
Growing physical fitness awareness as well as various initiatives launched by industry players to enhance product sales especially in the US are key drivers of the regional market growth.
By Product Types
- Fitness & Heart Rate Monitors
- Smart Camera
- Smart Watch
- Short Tracker
- Calorie Burnt
- Heart Rate Monitoring
- Step Counts
- Sleep Tracking
- Homecare Settings
- Fitness Centres
- Sports Centres
By Distribution Channels
- Brand Stores
- Independent Retail Stores
- Online Sale Channels
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
By Key Players
- Adidas AG
- Catapult Sports Pty Ltd.
- Under Armour Inc.
- Nike Inc.
- Apple Inc.
- Fitbit Inc.
- Zepp US Inc.
- Garmin Ltd.
- StretchSense Ltd.
Key players in the global wearable devices in the sports market are Adidas AG; Catapult Sports Pty Ltd.; Under Armour Inc.; Nike Inc.; Apple Inc.; Fitbit Inc.; Zepp US Inc.; Garmin Ltd.; Misfit; and StretchSense Ltd.
These players are widely engaged in various market development activities including collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.